IBRA’ (REBATE Clause Samples
IBRA’ (REBATE. (a) As and when applicable and in accordance with the Guidelines on Ibra’ (Rebate) for Sale-based Financing issued by Bank Negara Malaysia, the Bank may ▇▇▇▇▇ ▇▇▇▇’ (rebate) on any amount payable by the Customer in respect of any payment due under the Security Documents.
(b) The Bank’s calculation of such Ibra’ (rebate) shall, save for manifest error, be treated as final and conclusive.
IBRA’ (REBATE. The Bank will ▇▇▇▇▇ ▇▇▇▇’ (rebate), if any, on such amount of the balance Bank’s Selling Price(s) and / or other monies remaining unpaid by the Customer based on the following situations:-
(a) For variable rate financing, the difference between the Ceiling Profit Rate and the Effective Profit Rate.
(b) Upon early settlement of the Facility by the Customer in the following scenario:-
(i) redemption or early settlement of the Facility;
(ii) due to restructuring exercise;
(iii) in the case of default by the Customer; and
(iv) in the event of termination or cancellation of the Facility before the expiry date. From: (The Customer) To: AMBANK ISLAMIC BERHAD (the “Bank”) Dated: Dear Sirs, Re: FACILITY AGREEMENT DATED [XXXX] (“Facility Agreement”) Purchase Request I/We refer to the Facility and the Facility Agreement above entered into between me/us and the Bank. I/We hereby issue this Purchase Request subject to and upon the terms of the Facility Agreement. Unless otherwise defined in this Purchase Request, all the terms and references of the Facility Agreement shall have the same meanings when used herein.
IBRA’ (REBATE. 5.1 The Bank will grant rebate (Ibra’) to the Customer where there is:-
(i) Early settlement or early redemption, including those arising from prepayments;
(ii) Settlement of the original financing contract due to financing restructuring exercise;
(iii) Settlement by the Customer in the case of default;
(iv) Settlement by the Customer in the event of termination or cancellation of the Facility before expiry of the Facility Tenure; and
(v) In the event the Effective Profit Rate is lower than the Ceiling Profit Rate.
5.2 The rebate (Ibra’) for settlement is calculated in accordance to the following formula:- Settlement Amount: Outstanding Selling Price + Instalment Due + Late Payment Compensation (Ta’widh) + Other Charges - Rebate (Ibra’) Where:- Rebate (Ibra’) = Deferred Profit – Early Settlement Charges Deferred Profit means unaccrued profit at the point of settlement of the Facility.
IBRA’ (REBATE. The Bank shall grant rebate (ibra') to the Customer in respect of any Indebtedness due under this Agreement and/or the Security Documents, but not limited to, the following events:
(a) the Customer prepays or makes early settlement or early redemption and/or early termination or cancellation before expiry of the Tenure, including those arising from prepayments and/or restructuring and/or occurrence of the Event of Default;
(b) in the event of early commencement of instalment prior to the expiry of grace profit period (for properties under construction);
(c) in the event the Effective Profit Rate is lower than the Contracted Profit Rate; and
(d) if the Facility is based on variable rate, on the difference between the amount of profit calculated based on the Contracted Profit Rate (“CPR”) and the amount of profit calculated based on the Effective Profit Rate (“EPR”) when the profit based on the EPR Rate is lower than the profit based on the CPR Rate. Rebate (Ibra') shall be granted in accordance with the settlement amount calculation as below: For avoidance of doubt, it is hereby acknowledged and agreed that the rebates referred to herein shall not be construed in any manner whatsoever as cash rebate payable to the Customer, but shall be reflected as a reduction in the profit element of the Deferred Sale Price. The rebate shall only be deemed granted upon receipt of the settlement/redemption sum as determined by the Bank. The calculation of rebate shall be made in accordance with any rules, regulations and/or directives (whether or not having the force of law) required of or imposed upon the Bank from time to time and at any time by Bank Negara Malaysia or any other authority having jurisdiction over the Bank.
IBRA’ (REBATE. (a) The Bank shall grant rebate to the Customer if any of the following shall occur:
(i) The Customer makes early settlement or early redemption, including those arising from prepayments;
(ii) The Customer makes settlement of the original financing contract due to financing restructuring exercise;
(iii) The Customer makes settlement of the Facility in the case of default; or
(iv) The Customer makes settlement of the Facility in the event of termination or cancellation of financing before the maturity date,
(b) Rebate shall be calculated based on the following formula:
IBRA’ (REBATE. (1) MDV shall grant lbra’ (Rebate) in respect of any amount due under the Facility in any of the following situations:
(a) any early settlement or early redemption by the Customer including prepayment;
(b) any settlement of the Facility due to any financing restructuring exercise by the Customer;
(c) any settlement by the Customer upon occurrence of the Event of Default;
(d) any settlement by the Customer in the event of termination or cancellation of the Facility before the expiry of the tenure of the Facility; and
(e) the difference between the profit calculated based on the Ceiling Profit Rate and the amount of profit calculated based on the Effective Profit Rate, when the profit based on the Effective Profit Rate is lower than the profit based on the Ceiling Profit Rate.
(2) lbra’ (Rebate) will be granted in accordance with the settlement amount calculation as below:
(i) Settlement amount = outstanding Asset Sale Price + instalment due + compensation (Ta’widh) (if any) - lbra’ (Rebate)
(ii) lbra’ (Rebate) = Deferred Profit - Early Settlement Charges